You are here

Saudis to Limit July Crude Volumes

Saudis to Limit July Crude Volumes

Saudi Arabia, the world's top oil exporter, will limit volumes of crude to some Asian buyers in July and deepen cuts in allocations to the United States, industry sources with knowledge of the matter said on Monday. State-run oil firm Saudi Aramco would supply full contracted crude volumes to at least five Asian buyers mainly in North Asia and lower volumes for some customers in India, China and South Korea, the sources told Reuters on condition of anonymity. Cuts in crude allocations to Asia in July would be slightly deeper than in June, the sources said. Aramco notified Asian refiners last month that it would reduce oil supplies to Asia by about 7 million barrels in June, its first cuts for that region since OPEC-led output reductions took effect in January. Elsewhere, crude allocations to the US have been lowered significantly but Aramco kept volumes steady to Europe compared to June, two sources said.